HomeMy WebLinkAbout1366 RIDER To r~oR
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Rider to Mortgage dated October 23, I979, between JOSEPH HEU?i~R
and JOSEPHINE E. EWNMER, HIS WIFE, as Mortgagor and REINO A. HARKONEN,
as Mortgagee;
A. This Mortgage~is subject and subordinate to; That certain
consolidated mortgage dated December 7, 1977 and executed by Reino A.
Harkonen in favor of Dorothy Lane Waters, which mortgage was recorded
in 278 page 1474 of the Public Records of St. Lucie County, Florida, which
consolidated mortgage constitutes a first mortgage lien on the premises described
in this mortgage, now in the principal amount of X12,181.44, with interest from
October 7, 1979 (Such consolidated mortgage is hereinafter referred to as the
"First Mortgage"):
B. (1) Mortgage agrees to comply with all of the terms and conditions
of the First D'brtgage other than with respect to the payment of principal and
interest under said First Mortgage.
(2) In the Event Mortgagor shall fail to so comply with all of
the terms, provisions and conditions of the First Mortgage so as to result
in a default thereunder (other than with respect to the payments of principal
' and interest due thereunder after October 7, 1979) such failure on the part of
Mortgagor shall constitute a default under this mortgage and shall entitle
Mortgagee at his option to exercise any and all rights and remedies given
mortgagee in the event of a default hereu~er.
C. (1) Mortgagee agrees to pay to the holder of the First Mortgage,
the sum of 512,181.44 unpaid principal balance of said mortgage, together with
interest thereon accruing thereunder from October 7, 1979, as and when required
by the terms of said First Mortgage, i.e., by paying the constant monthly install-
ments of $131.86 provided to be paid thereunder on the seventh (7th) day of each
month until the Mortgagee shall pay the entire principal of said First Nbrtgage
and all interest thereunder accrued and unpaid.
(2) All such payments provided to be paid by Mortgagee, pursuant to
the provisions of sub-paragraph (1) hereof, shall be made by Mortgagee before the
expiration of the applicable grace periods provided for such payments as contained
in the First Mortgage.
(3) \otwithstanding the foregoing, Mortgagee's obligations to make
the respective payments of principal and interest as and when due under the First
Mortgage is conditioned upon the following:
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